Coinone ownership put on the block as global and domestic bidders circle South Korea’s crypto market

Coinone, one of the regulated cryptocurrency trading venues in South Korea, has entered a process to divest the controlling interest held by its chairman, initiating talks that include domestic banks and foreign exchange operators. Market participants describe this as an orchestrated sale of Cha Myung-hoon’s majority holding, which exceeds half of the company’s outstanding shares, and reports indicate a parallel stake-offer by game publisher Com2uS. The thread tying these moves together is a broader wave of consolidation reshaping South Korea’s crypto infrastructure, where strategic tie-ups and acquisitions have accelerated over the past year. Potential external bidders view a platform like Coinone as an attractive gateway: it offers regulatory compliance credentials and a substantial local customer base in a market that remains among the region’s most active for digital assets. For incumbent investors the transaction is also a valuation event; Com2uS’s stake now carries a markedly lower book value than the price it paid, implying a notable unrealized loss on that position. Speculation that Coinbase could pursue a foothold through an equity investment speaks to foreign exchanges’ interest in gaining compliant access rather than launching a new licensed operator from scratch. Domestic financial houses and technology groups are likewise active bidders, aiming to fold exchange capabilities into broader financial service offerings or digital ecosystems. The sale’s progress will be closely watched for signs of deal structure — whether a point-sale of the chairman’s block, a staged equity injection, or a merger with a larger operator — each path carries different regulatory and competitive implications. If a global exchange secures a stake, it could accelerate international capital and product flows into Korea but would also trigger scrutiny over market concentration and bank-exchange partnerships. Conversely, a takeover by a local financial conglomerate would reinforce domestic control while reshaping how banks and brokers interface with crypto platforms. The transaction will therefore influence not only Coinone’s ownership but also the strategic calculus for rivals and regulators across the ecosystem. Near-term outcomes to monitor include changes in platform governance, potential shifts in product offerings for Korean customers, and any regulatory responses aimed at preserving market competition.